Metaplanet, a Bitcoin-holding company, saw its key metric "mNAV" reach 1.01x on August 29, turning to a premium valuation for the first time since May. mNAV indicates how many times the enterprise value is valued relative to the net asset value of its Bitcoin holdings; a ratio above 1x means the market values the company above its asset value. As of August 29, the enterprise value was 538.2 billion yen (market capitalization of 442.3 billion yen plus debt of 74.2 billion yen plus preferred shares of 23.6 billion yen minus cash of 1.9 billion yen), and the net asset value of its 43,000 BTC was 533.8 billion yen, resulting in a ratio of 1.01x. The last time the ratio exceeded 1x was on May 6, 2026 (enterprise value 524.9 billion yen, BTC NAV 513.8 billion yen, ratio 1.02x). Recently, due to stock price fluctuations, it has adjusted to around 0.92x, but this marks a return to a premium valuation since early spring.
Metaplanet Inc.Metaplanet's mNAV ratio exceeded 1x, indicating market valuation above its Bitcoin asset value, a positive financial metric.
Bitcoin